American retail trading giant Robinhood has reportedly grown its digital asset holdings substantially in the past six months, according to an on-chain expert.
Parsing through data from blockchain intelligence firm Arkham, Coinbase director Conor Grogan estimates that Robinhood’s Bitcoin (BTC) stash has grown 14%, adding to its $23.59 billion holdings.
[adinserter block="1"]At the same time, Grogan says Robinhood users’ Ethereum (ETH) holdings have decreased.
“Robinhood’s BTC holdings have increased by ~14% in the last 6 months; meanwhile user ETH holdings have actually decreased ~9%
Retail users are beginning to come back to crypto, just not to ETH so far.”
Grogan says that based on his analysis of Arkham’s data, Robinhood’s BTC wallet is the third biggest in existence, just behind crypto exchanges Binance and Bitfinex.
“All are estimates pulled together with Arkham’s tags as well as a few of my own
Robinhood’s cold storage address is the 3rd largest single BTC wallet, owning .69% of all BTC ever made.”
According to Grogan, Robinhood missed out on a 1,300% gain by not holding Solana, instead opting to avoid SOL due to it being listed as an unregistered security by the U.S. Securities and Exchange Commission (SEC).
Robinhood holds no Solana, as they force sold it on behalf of all their users for $14, the absolute bottom, causing them to miss out on the 1300% returns since pic.twitter.com/cfNY2cb82q
— Conor (@jconorgrogan) April 7, 2024
At time of writing, Bitcoin is trading at $71,869.
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Featured Image: Shutterstock/Ongky Ady Widyanto
